Over the course of two consecutive days, the Center for Economic and Financial Research and Studies at the faculty succeeded in organizing two seminars, the first of which was in cooperation with the World Bank Group and the second with the Financial Supervisory Authority under the title (The Role of the Financial Supervisory Authority in Enhancing the Role of the Non-Banking Financial Sector in Supporting the National Economy) on Monday corresponding to March 20, 2023 at the Council Hall - Faculty of Economics and Political Science - Cairo University. The round circle was mediated by Mr. Minister Mohamed Farid, Chairman of the Commission, in the presence of a group of economics professors at the college, while Prof. Dr. Adla Rajab moderated the dialogue as the head of the Center.

The Chairman of the Authority, Mohamed Farid, started by defining the nature of regulatory systems in general in Egypt, before he was described in talking about financial control in particular. According to the constitution; There are four oversight bodies in Egypt, starting from the administrative oversight, which is responsible for monitoring corruption in the administrative apparatus, and then the Central Auditing Organization, which is responsible for two parts; The accounting part and the performance evaluation part (for institutions in the country). On the financial side, there are two main parties; The banking system and the Financial Supervisory Authority, while clarifying the laws that stipulate the role of oversight, and declared that the unified insurance law will be issued soon after its completion in the Senate.

The financial supervisor presented the activities subject to the supervision of the Authority, which are not few. The control is responsible for insurance complexes, the government fund, private insurance funds, insurance, money market, consumer finance, real estate finance, financial leasing, factoring and medium, small, and micro enterprises.

For these activities to be carried out, there are oversight bodies working to complete them. The affiliated and independent entities are divided into four entities; The first of them is the Knowledge Complex for Financial Literacy, which includes the Financial Services Institute, the Egyptian Center for Directors, the Regional Center for Sustainable Finance and the Egyptian Center for Voluntary Arbitration and Non-Bank Financial Dispute Resolution. There is also a record of movable guarantees, the microfinance unit, to which the chairman of the authority referred to the importance of microfinance and the difficulty of banks adopting it compared to the authority, and finally the unit for monitoring the quality of the work of account auditors.

Not only was the authority satisfied with that, but it presented statistics on total financing in 2022, which amounted to 560 billion Egyptian pounds. Noting that 304 billion Egyptian pounds are in the form of ownership, 90 billion are financial leasing contracts, and 55 billion Egyptian pounds is the value of issuing securities, which is issued by the Urban Communities Authority in the form of securitization bonds. In addition to 40 billion for microfinance, and the rest is distributed over consumer financing, commercial factoring and real estate financing. Minister Mohamed Farid highlighted the small rate of real estate financing due to the increase in the interest rate. And due to the importance of ratios, we find that the largest percentage of those who receive financing are women at a rate of 63%, and vice versa at the level of financing values, so we find that males lead with 22 billion Egyptian pounds, compared to 18 billion for females.

Which brings us to an important proposition, which is the axes for the development of that institution. From the development of professionals, Where 24 thousand professionals are licensed annually among insurance brokers, investment managers and others at various levels. However, there is a gap in the market, especially in actuarial sciences, and in order for the Authority to address this gap, the FRA, in cooperation with the American University in Egypt, launched a diploma in actuarial sciences that will be available to students of statistics, actuarial, physics and mathematics. As the number of actuaries in Egypt is close to fifty people, who do not have sufficient professionalism and do not cover the demand for them.

In addition to the axis of financial, investment and insurance inclusion, developing markets and products through commodity funds, selling borrowed securities, financial derivatives, insurance policies in college bonds and other methods of reviving markets, and finally developing regulatory and service frameworks and supporting market stability.

The meeting concluded with a variety of questions from Elite Economics professors and students of the faculty, which highlighted intellectual diversity and the desire to learn on the ground. We are glad that there is a space for dialogue provided by the faculty of Economics and Political Science to its affiliates in order to advance their knowledge and expand their intellectual horizons, and we hope to repeat it periodically within our beloved university.